H.R. 9066House117th Congress (2021-2023)In Committee

Retirement Savings Modernization Act

AI-Generated Summary

Updated February 8, 2026 at 6:03 PM UTC

The Retirement Savings Modernization Act amends the Employee Retirement Income Security Act to clarify that plan fiduciaries are not automatically liable for a breach of fiduciary duties simply for recommending, selecting, or monitoring certain investment options, or for causing plan payments related to those investments. It defines “covered investment” to include a wide range of asset classes such as commodities, debt, digital assets, hedge funds, infrastructure, insured products, private equity, real assets, real estate, listed securities, venture capital, and pooled investment vehicles. The changes affect fiduciaries of employee retirement plans and the investments those plans may offer.

Key Provisions

Adds a new provision stating a fiduciary is not liable for a breach solely for recommending, selecting, or monitoring a covered investment or for causing plan payments related to it.
Defines “covered investment” and lists specific categories including commodities, debt, digital assets, hedge funds, infrastructure, insured products and annuities, private equity, real assets, real estate or related securities, listed securities, venture capital, and pooled investment vehicles.
Provides definitions for “exchange,” “security,” and “national securities exchange” by referencing existing securities law definitions.
Clarifies that the new protection does not exempt fiduciaries from other ERISA fiduciary requirements.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Education and Labor.

Education and Workforce Committee

September 29, 2022

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HouseIntro Referral

Introduced in House

September 29, 2022

HouseIntro Referral

Referred to the House Committee on Education and Labor.

Education and Workforce Committee

September 29, 2022

Bill Text

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Introduced in HouseIssued September 29, 2022

117th CONGRESS

2d Session

H. R. 9066

IN THE HOUSE OF REPRESENTATIVES

September 29, 2022

Mr. Meijer introduced the following bill; which was referred to the Committee on Education and Labor

A BILL

To amend the Employee Retirement Income Security Act of 1974 to clarify the fiduciary duties regarding asset classes.

Short title

This Act may be cited as the Retirement Savings Modernization Act.

Fiduciary duties regarding asset classes under ERISA

Section 404(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(a)) is amended by adding at the end the following:

(3)

(A)

A fiduciary shall not be liable for a breach of fiduciary duties under this section solely for—

(i)

recommending, selecting, or monitoring any covered investment as an investment option for a plan; or

(ii)

causing the plan to make any payment or incur any expense, associated with such covered investment.

(B)

For purposes of subparagraph (A):

(i)

The term covered investment—

(I)

means any direct or indirect investment; and

(II)

includes, but is not limited to, any of the following:

(aa)

Commodities.

(bb)

Debt, including public and private credit.

(cc)

Digital assets.

(dd)

Hedge funds.

(ee)

Infrastructure.

(ff)

Insured products and annuities.

(gg)

Private equity.

(hh)

Real assets.

(ii)

Real estate or real estate-related securities.

(jj)

Securities that are listed on a national securities exchange.

(kk)

Venture capital.

(ll)

An investment in any fund, commingled account, or pooled investment vehicle that invests in any investment, including but not limited to an investment described in items (aa) through (kk).

(ii)

The terms exchange and security have the meanings given the terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).

(iii)

The term national securities exchange means an exchange registered as a national securities exchange pursuant to section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

(C)

Nothing in this paragraph shall be construed as providing an exemption or safe harbor from the requirements of paragraph (1).